Stripe, a US-based financial services and software platform, has unveiled an embeddable fiat-to-crypto onramp designed to simplify the process of purchasing cryptocurrencies for US users via Web3 companies.
The solution addresses a common issue faced by blockchain and crypto firms, as many customers do not always have cryptocurrencies in their wallets.
Stripe’s new onramp offers two implementation options. The first option enables developers to insert a crypto-purchasing widget into their website or app, while the second option directs customers to a Stripe-hosted onramp. Both onramps are designed to increase conversion and authorization rates, and feature built-in fraud tools and identity verification to help firms comply with know your customer (KYC) and other regulatory requirements.
The onramp also speeds up checkout for first-time customers by allowing them to complete identity verification once and add their payment information to a Link account. This account can then be used for subsequent purchases at any Link-enabled business.
Guillaume Poncin, the head of engineering for crypto at Stripe, said, “With our onramp options, Web3 companies can now outsource a bunch of the very important but tricky pieces to Stripe — things like conversion and auth optimization, identity verification, fraud prevention, and so on.”
By introducing this onramp, Stripe aims to make purchasing cryptocurrencies more accessible to customers while also simplifying compliance for Web3 companies. – FF